Treasury yields fell Tuesday ahead of the Federal Reserve’s November meeting, but were off their worst levels after the release of solid U.S. job openings data.
The benchmark 10-year Treasury note yield dipped 6 basis points to 4.01%. Earlier in the day, it fell to around 3.9%. The 2-year rate was flat on the day at 4.497% after trading at about 4.4% to start the session.
Yields and prices move in opposite directions and one basis point equals 0.01%.
The moves in yields came as investors bet on a shift from the Fed’s policy stance coming out of its latest rate decision.
The Fed is largely expected to raise rates by 75 basis points Wednesday, but hope is growing that future rate hikes won’t be as large. The latter expectation has contributed to recent gains in risk assets such as stocks.
